https://www.interactivebrokers.com/en/index.php?f=accountConfiguration&p=tradingrequirements
I've read the page above, but I have a question. This isn't specific to IB, though, so you can answer it as you wish as long as you contribute, I don't think it'd change that much from broker to broker due to regulations.
I don't have a job besides trading and I'd meet all the requirements for a margin account when I apply, including income, but that's coming from trading. I get it, they require you to have a job so they won't be the one holding the bag if you lose more than your account value, but if you're already a full-time trader, it means its your job.
If I were to deposit $30K and have ~$100K remaining cash in bank that's been growing for the past six months thanks to my trading activity (I won't even touch the money in my local brokerage account here, I just want to trade US/EU stocks and stock CFDs in the future), would it be enough to open a margin account?
Portfolio margin account doesn't require you to have a fixed income, but I think it's not suitable for traders like me, it looks like it's available to sophisticated people only.
I pay zero tax because domestic stock profits are tax free, so there's no tax report I can show.
I have only one year experience trading stocks. I won't apply for futures, options, etc. I'm going to trade stocks, stock CFDs and use forex only to convert foreign denominated profits into USD if I buy a foreign stock.
Do you think I'd have a chance in this case? Currently I'm not there yet, so it's hypothetical, but if I keep doing what I do, I think I'll be there soon. I'm a patient person, but I also like to plan things, so I ask you.
Thank you for reading.
I've read the page above, but I have a question. This isn't specific to IB, though, so you can answer it as you wish as long as you contribute, I don't think it'd change that much from broker to broker due to regulations.
I don't have a job besides trading and I'd meet all the requirements for a margin account when I apply, including income, but that's coming from trading. I get it, they require you to have a job so they won't be the one holding the bag if you lose more than your account value, but if you're already a full-time trader, it means its your job.
If I were to deposit $30K and have ~$100K remaining cash in bank that's been growing for the past six months thanks to my trading activity (I won't even touch the money in my local brokerage account here, I just want to trade US/EU stocks and stock CFDs in the future), would it be enough to open a margin account?
Portfolio margin account doesn't require you to have a fixed income, but I think it's not suitable for traders like me, it looks like it's available to sophisticated people only.
I pay zero tax because domestic stock profits are tax free, so there's no tax report I can show.
I have only one year experience trading stocks. I won't apply for futures, options, etc. I'm going to trade stocks, stock CFDs and use forex only to convert foreign denominated profits into USD if I buy a foreign stock.
Do you think I'd have a chance in this case? Currently I'm not there yet, so it's hypothetical, but if I keep doing what I do, I think I'll be there soon. I'm a patient person, but I also like to plan things, so I ask you.
Thank you for reading.
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